Nominal raises $9.2 million in Seed funding to modernize enterprise planning with GenAI
Nominal raises $9.2 million in Seed funding to modernize enterprise planning with GenAI
Nominal’s platform uses generative AI and cloud technology to bridge the gap between legacy ERP (enterprise resource planning) systems and standard spreadsheets for accounting and financial management in mid-market businesses
Israeli startup Nominal has announced that it has raised $9.2 million in Seed funding from Bling Capital and Hyperwise Ventures, with participation from Vela Partners, Incubate Fund and executives from Bill.com, Salesforce, Justworks, ServiceNow and Intel.
Nominal’s platform uses generative AI and cloud technology to bridge the gap between legacy ERP (enterprise resource planning) systems and standard spreadsheets for accounting and financial management in mid-market businesses. The platform modernizes and automates accounting and financial management, providing robust reporting, multi-entity consolidation, workflow automation, period-end close collaboration and more.
Nominal co-founders Guy Leibovitz, CEO, and Golan Kopichinsky, VP of R&D, are seasoned entrepreneurs with a proven track record in AI and data security. They previously founded Cognigo, which was acquired by NetApp in 2019. The company also benefits from a rich core of senior technology leaders, some of whom are alumni of Israel’s top intelligence units and veterans of growth fintech companies like Riskified, Datarails and PayEm. The company currently employs 21 people and is hiring.
Nominal is currently deployed across hundreds of entities, managing over $1 billion in book value.
"The ERP market is broken. Solutions today are complex, siloed and require costly engineering," said Leibovitz. "Following a miserable experience at our startup and then at a Fortune 500 company, Golan and I decided to use our AI and data engineering experience to fix it. We are set to build a company that can make a real difference and deliver a solution that automates manual work and lets finance teams focus on strategy over spreadsheets."
